The benchmark KOSPI surged more than 2% to around 6,350 on Tuesday, setting a new record high as risk appetite improved on expectations of easing tensions in the Middle East and sustained strength in chipmakers. Investors stayed focused on the upcoming US-Iran ceasefire deadline, anticipating further negotiations and largely discounting threats of renewed military action should talks collapse.
The rally was further underpinned by a sharp rebound in trade data. South Korea’s exports jumped 49.4% year-on-year in the first 20 days of April, fuelled by a more than 180% surge in semiconductor shipments. The robust chip performance bolstered optimism about the earnings outlook for the country’s key technology sector.
Large-cap stocks led the gains. Samsung Electronics rose 1.9% and SK hynix climbed 4.6%, while LG Energy Solution advanced 9.4%. SK Square added 3.1%, Doosan Enerbility gained 2.3%, and HD Hyundai Heavy Industries also rose 2.3%. Foreign investors turned net buyers, providing additional support and helping push the index beyond its previous peak.
